The liquid silicone rubber market is anticipated to register a CAGR of 3.9% during the forecast period. The market is expected to hold a valuation of USD 6.9 billion in 2023. By 2033, the value is expected to cross USD 10.1 billion.
Key factors that could propel the market growth are:
Expansion of production capacity at both local and global levels is one of the key industry trends currently being observed. In addition to this, key players aim to launch new & advanced products to expand their product portfolio.
Medical manufacturers are currently having a massive demand for liquid silicone rubber. This can be attributed to its ability to function efficiently at extreme temperatures and display chemical resistance. As per the sources, the liquid silicone rubber is capable of meeting FDA, ISO, and Class VI medical-compliant grades, which makes it reliable. Within the medical sector, it is used in general surgery, cardiology, neurosurgery, ENT, etc.
Even the automotive sector is employing liquid rubber on a large-scale basis. It is preferred over normal rubber owing to its superior compression set. The ability to reset itself after compression enables better sealing of connections, which has attracted a lot of investments from the automotive sector.
The automobile market is expanding at a massive rate. In 2023, global sales are expected to cross USD 3.8 trillion. Automobile manufacturers are making use of liquid silicone rubber in the form of a gloss enhancer and a damping medium in instruments. This rubber is also used in power transmission components owing to its ability to work under extreme conditions.
Manufacturers who are into injection molding are making immense utilization of liquid silicone rubber. Offering great shelf-life reliability and high electrical resistance are some of the factors owing to which it is a highly preferred material for injection molding. The ability to work in temperatures as high as 150 0C makes it a hot cake in the sector.
However, the market growth is challenging in certain areas owing to the high cost of the material. The time taken to manufacture liquid silicone rubber is quite high, as a result of which, during extreme demand, the market might witness shortage scenarios.
As per the regional analysis, the North American region is expected to be the dominant market during the forecast period. High demand for electronic gadgets, coupled with the growth of the automobile sector, represents high liquid silicone rubber uses. The presence of key manufacturers also provides many prospects for the market.
Asia Pacific region is expected to display dominance in terms of growth rate. Significant industrialization, coupled with massive investments being made specifically in the automotive sector, presents lucrative opportunities for the market. The market growth is expected to be supported by the predominantly increasing disposable income as well.
| Attributes | Value |
|---|---|
| Liquid Silicone Rubber Market Value (2022) | USD 6.6 billion |
| Liquid Silicone Rubber Market Expected Value (2023) | USD 6.9 billion |
| Liquid Silicone Rubber Market Forecast Value (2033) | USD 10.1 billion |
| Liquid Silicone Rubber Market Expected CAGR (2023 to 2033) | 3.9% |
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The supply chain management disruption and reduction in the sales of automobile vehicles from 2020 to 2022 have resulted in a lower anticipated CAGR as compared to the historical CAGR. The historical CAGR for the market was 4.5%, while the anticipated CAGR was 3.9%. However, the growth of the electronics market, especially after the COVID-19 pandemic, and the gradual resurgence of the automobile market may expand the CAGR going ahead.
Liquid silicone rubber is witnessing staggering growth favored by surging applications in the consumer electronics industry. This can be attributed to the demand for ruggedized versions of personal electronics for day-to-day use. There is an increase in the application of rubber in the production of smartphones, headsets, smart wristbands, and other gadgets owing to its high durability and cost-effectiveness.
Industry players are increasingly shifting their preference towards using liquid silicone rubber in their electronic products. For instance, Jabil Green Point, a leading electronics injection molding company, announced using liquid silicone rubber for the production of noise-canceling headphones. A slew of such instances is expected to create lucrative growth in the market.
| Regions | North America |
|---|---|
| Countries | United States of America |
| CAGR (2023 to 2033) | 3.6% |
| Regions | Europe |
|---|---|
| Countries | United Kingdom |
| CAGR (2023 to 2033) | 3.4% |
| Regions | Asia Pacific |
|---|---|
| Countries | China |
| CAGR (2023 to 2033) | 3.6% |
| Regions | Asia Pacific |
|---|---|
| Countries | Japan |
| CAGR (2023 to 2033) | 4.5% |
| Regions | Asia Pacific |
|---|---|
| Countries | India |
| CAGR (2023 to 2033) | 4.3% |
Rising number of body implantation surgeries to elevate the sales of liquid silicone
FMI states that the USA is anticipated to remain a lucrative liquid silicone rubber market in North America.
A substantial rise in the number of body implantation surgical procedures has been witnessed owing to the growing emphasis on enhancing body aesthetics across the country. According to a report by the American Society of Plastic Surgeons, nearly 193,073 breast augmentation and 1,179 buttock implantation surgeries were conducted across the USA in 2022.
| Attributes | Details |
|---|---|
| United States Market Expected Size (2033) | USD 1.8 billion |
| United States Market Absolute Dollar Growth | USD 542.3 million |
| CAGR % 2017 to 2022 | 4.3% |
As liquid silicone is used in the production of body implants due to its high biocompatibility, the rise in implantation surgeries is estimated to bolster the growth in the USA market. An increase in the sales of liquid silicone rubber in the USA assisted North America, accounting for nearly 25% of the revenue share in 2022.
Growing applications in the automotive industry to fuel the demand for liquid silicone rubber
The United Kingdom is home to a few famous automotive manufacturers. Liquid silicone rubber is finding applications in the automotive industry owing to its high thermal stability, superior compression set, and excellent chemical resistance. It is increasingly being used in sensor cover assembly, sealing covers, vehicle interiors, and others during the production of automotive vehicles.
| Attributes | Details |
|---|---|
| United Kingdom Market Expected Size (2033) | USD 513.5 million |
| United Kingdom Market Absolute Dollar Growth | USD 146.3 million |
| CAGR % 2017 to 2022 | 3.9% |
Increasing production and sales of automobiles in the United Kingdom is anticipated to create strong demand for LSR in the forthcoming years.
Growing popularity in the consumer electronics industry to bolster the liquid silicone rubber sales
China had a dominant market share of more than 34.9% in the Asia Pacific excluding the Japan region in 2022.
| Attributes | Details |
|---|---|
| China Market Expected Size (2033) | USD 1.3 billion |
| China Market Absolute Dollar Growth | USD 400 million |
| CAGR % 2017 to 2022 | 4.1% |
Liquid silicone rubber has become one of the prime manufacturing materials owing to its chemical inertness, electrical resistance, and ability to withstand extreme temperatures. It is extensively gaining popularity across the consumer electronics industry for manufacturing the components such as remote buttons, phone covers, wristbands, smartwatch belts, and others. Hence, the growing penetration of innovative devices, such as wearable technologies, across the country is estimated to favor the growth of the liquid silicone rubber market in China.
The electric vehicle market in Japan is expected to witness a massive CAGR of nearly 23% during the forecast period. The market is projected to reach USD 5.67 billion in 2023. The manufacturing of electric vehicles involves extensive usage of liquid silicone rubber. The seat covers, coatings, spark plug wires, and a lot of other components are manufactured by the application of liquid silicone rubber.
| Attributes | Details |
|---|---|
| Japan Market Expected Size (2033) | USD 679.7 million |
| Japan Market Absolute Dollar Growth | USD 240 million |
| CAGR % 2017 to 2022 | 3.9% |
The construction sector in Japan has always displayed positive sentiments. Being prone to a number of natural disasters, the nation’s construction sector has always been creating innovative alternatives. Liquid silicone rubber is used in sealants and adhesives, which are very crucial for all kinds of buildings.
India is one of the largest buyers of consumer electronics. As of 2021, the valuation of the Indian consumer electronics market stood at USD 75 billion. During the pandemic, the sales were even significant due to the imposition of the lockdown. The massive demand for consumer electronics might boost the sales of liquid silicone rubber. These are mainly used as Integrated Circuits for miniaturizing the size of the device and improving the speed as well.
| Attributes | Details |
|---|---|
| India Market Expected Size (2033) | USD 578 million |
| India Market Absolute Dollar Growth | USD 199.1 million |
| CAGR % 2017 to 2022 | 4.8% |
Apart from that, there are a number of overseas electronics companies which are investing huge funds in India. This creates massive opportunities for the Indian liquid silicone rubber market.
| Segment | Grade Type |
|---|---|
| Attributes | Industrial Grade |
| CAGR % 2017 to 2022 | 4.4% |
| CAGR % 2023 to 2033 | 4% |
| Segment | Technology |
|---|---|
| Attributes | Liquid Injection Molding System |
| CAGR % 2017 to 2022 | 4.3% |
| CAGR % 2023 to 2033 | 3.5% |
The growth of the auto and electronics sector is expected to surge the growth of industrial grade during the forecast period. The industrial sector makes use of liquid silicone rubber as they provide resistance against all types of chemicals. There are investments being made to increase the usage of solar cells. Recently, South Korea’s Hanwha Q cells, which is into manufactures solar power modules, invested USD 2.5 billion in the United States of America market. The number of such projects, not only in the solar power sector but across automobile, injection molding, construction, etc., is expected to surge growth.
Increasing demand for liquid injection molded liquid silicone rubber components across the automotive, aviation, and other sectors is the primary factor favoring the sales. The liquid silicone rubber molding system can be fully automated, which leads to minimal labor and reduced costs. It also provides resistance to ozone, water, and extreme weather conditions. Speaking from the manufacturers’ point of view, the ability to have a low compression set with a wide range of durometers helps to save tons of money. Finally, the application of this method leaves little, and in a few cases, no waste left.
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The newbies make a move, which is believed to be a notch ahead as compared to the conventional counterparts. The start-ups have been developing silicone lubricants primarily for robotics and 3D printers. These protect the belts, gears, and bearings from corrosion. These do not contain petroleum products, which drastically reduces the incidences pertaining to inflammation of plastic parts.
Neyochem: Neyochem has developed a silicone-based mold release agent. The ‘Neyochem Silicones’ consist of poly-dimethyl siloxane fluid in water emulsion, which is specifically designed to withstand temperature variations. It provides lubrication when post-finishing of a part is required. The start-up has also developed degreasing solvents and specialty chemicals for automotive maintenance.
The key players are developing silicone materials with a specific focus on the automotive sector. The intention is to innovate for smarter, safer, and more sustainable technologies for the transportation sector. These silicone materials can be used in connector seals and battery vent gaskets for electric vehicles. In December 2022, Dow launched SILASTIC™ SA 994X LSR, which is a selective adhesion liquid silicone series designed for the automotive industry.
Key developments in the market:
| Company | Description |
|---|---|
| Dow | Dow is driven by the ambition to be the most innovative, customer-centric, inclusive, and sustainable materials science company. The company has always believed in working alongside its customers and delivering materials and solutions that transform the world. Dow has championed a fully inclusive workforce, which reflects the world in which it does business. In all its operations, the company has strived for a positive impact on society and the planet. |
| Momentive Performance Materials, Inc. | As a premier global silicones and specialties company, Momentive Performance Materials, Inc. creates solutions that improve the quality of life. The vast product portfolio is made of advanced silicones and specialty solutions that play an essential role in driving business across a multitude of industries. Momentive views operational excellence as a never-ending pursuit of the way to help the health and safety of the environment. |
| Evonik Industries AG | Evonik has been offering quality products and services to a wide range of sectors. Evonik products make tires fuel-efficient, mattresses more elastic, medications effective, and animal feeds healthy. The company is one of the world leaders in specialty chemicals. By employing more than 33,000 workers, the company is fueled by one goal: ‘We want to improve life, today and tomorrow.’ |
The market in 2022 recorded a valuation of USD 6.6 billion.
The market is forecast to register a CAGR of 3.9% through 2033.
North America holds dominant opportunities in the liquid silicone rubber market.
The market in the United Kingdom is expected to advance at a CAGR of 3.4%.
Bluestar Silicones International, SiVance, and LLC are the key players.
| Estimated Market Size (2024E) | USD 18,432.1 million |
|---|---|
| Projected Market Value (2034F) | USD 29,456.9 million |
| Value-based CAGR (2024 to 2034) | 4.8% |
| Expected Market Value (2022) | USD 5.4 Billion |
|---|---|
| Anticipated Forecast Value (2032) | USD 9.7 Billion |
| Projected CAGR (2022 to 2032) | 6.03% |
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Liquid Silicone Rubber Market
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